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There are currently no known outstanding effects for the Agriculture Act 1993, Paragraph 25.
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25(1)This paragraph applies where under an approved scheme any debenture—U.K.
(a)is issued by a body which is a relevant successor of the relevant board, or of a subsidiary of that board, and
(b)is either—
(i)issued to any person by virtue of his being, or having been, a registered producer and without any consideration being provided by him, or
(ii)included in an issue of debentures to trustees on terms which provide for the debentures to be transferred to persons by virtue of their being, or having been, registered producers.
(2)The debenture shall be treated for the purposes of the enactments relating to the taxation of company distributions, or to the taxation of the income of companies, as if it had been issued—
(a)wholly in consideration of a loan made to the relevant successor of an amount equal to the principal sum payable under the debenture, and
(b)wholly and exclusively for the purposes of the trade carried on by the relevant successor.
(3)For the purposes of section 117(1) of the M1Taxation of Chargeable Gains Act 1992 (meaning of “qualifying corporate bond”), the indebtedness acknowledged by the debenture shall be treated as representing a normal commercial loan at any time after the debenture has been acquired by a person as a result of a disposal which is not excluded for the purposes of section 117(7) of that Act.
(4)Except as provided by sub-paragraph (3) above, the indebtedness acknowledged by the debenture shall not be treated for those purposes as representing a normal commercial loan.
(5)Sub-paragraphs (5) and (6) of paragraph 20 above shall apply for the purposes of this paragraph as they apply for the purposes of that.
Modifications etc. (not altering text)
C1Sch. 2 Pt. I para. 25 modified (retrospectively with effect as mentioned in s. 203(6) of the amending Act) by 1996 c. 8, s. 203(6)(7)
Sch. 2 Pt. I para. 25 modified (29.4.1996) by 1996 c. 8, s. 203(9)
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